Amend CSHB 12 by adding the following appropriately numbered 
SECTION to the bill and renumbering subsequent SECTIONS of the bill 
appropriately:
	SECTION __.  Section 442.015, Government Code, is amended by 
amending Subsections (a), (b), and (f) and adding Subsections (h), 
(i), (j), (k), and (l) to read as follows:
	(a)  Notwithstanding Sections 403.094 and 403.095, the Texas 
preservation trust fund account is a separate account in the 
general revenue fund.  The account consists of transfers made to the 
account, loan repayments, grants and donations made for the 
purposes of this program, proceeds of sales, earnings [income 
earned] on [money in] the account, and any other money received 
under this section. Distributions from [Money in] the account may 
be used only for the purposes of this section and may not be used to 
pay operating expenses of the commission.  Money allocated to the 
commission's historic preservation grant program shall be 
deposited to the credit of the account. Earnings [Income earned] on 
[money in] the account shall be deposited to the credit of the 
account.
	(b)  The commission may use distributions from [money in] the 
Texas preservation trust fund account to provide financial 
assistance to public or private entities for the acquisition, 
survey, restoration, or preservation, or for planning and 
educational activities leading to the preservation, of historic 
property in the state that is listed in the National Register of 
Historic Places or designated as a State Archeological Landmark or 
Recorded Texas Historic Landmark, or that the commission determines 
is eligible for such listing or designation.  The financial 
assistance may be in the amount and form and according to the terms 
that the commission by rule determines.  The commission shall give 
priority to property the commission determines to be endangered by 
demolition, neglect, underuse, looting, vandalism, or other threat 
to the property.  Gifts and grants [Money] deposited to the credit 
of the account specifically for any eligible projects may be used 
only for the type of projects specified.  If such a specification is 
not made, the gift or grant [money] shall be unencumbered and accrue 
to the benefit of the Texas preservation trust fund account. If such 
a specification is made, the entire amount of the gift or grant may 
be used during any period for the project or type of project 
specified.
	(f)  The advisory board shall recommend to the commission 
rules for administering Subsections (a)-(e) [this section].
	(h)  The comptroller shall manage the assets of the account.  
In managing the assets of the account, the comptroller may acquire, 
exchange, sell, supervise, manage, or retain, through procedures 
and subject to restrictions the comptroller considers appropriate, 
any kind of investment that a prudent investor, exercising 
reasonable care, skill, and caution, would acquire or retain in 
light of the purposes, terms, distribution requirements, and other 
circumstances of the account then prevailing, taking into 
consideration the investment of all the assets of the account 
rather than a single investment.
	(i)  The amount of a distribution shall be determined by the 
comptroller in a manner intended to provide a stable and 
predictable stream of annual distributions and to maintain over 
time the purchasing power of account investments and annual 
distributions from the account.  If the purchasing power of account 
investments for any 10-year period is not preserved, the 
comptroller may not increase annual distributions from the account 
until the purchasing power of account investments is restored.
	(j)  An annual distribution made by the comptroller from the 
account during a fiscal year may not exceed an amount equal to seven 
percent of the average net fair market value of the investment 
assets of the account as determined by the comptroller.
	(k)  The expenses of managing account investments shall be 
paid from the account.
	(l)  On request, the comptroller shall fully disclose all 
details concerning the investments of the account.